Monterey Pointe is a planned 150 unit Class A multifamily rental housing community that is being developed on Greenwald Drive near the northeast corner of Osceola Parkway and John Young Parkway in northern Osceola County, part of the southern tier of the Orlando metropolitan area. Osceola Parkway is the main east-west artery between the Florida Turnpike and Walt Disney World eight miles west of the site, while John Young Parkway is one of the main north-south arteries bisecting the Orlando metropolitan area. This community will be age-restricted to households in which at least one member is aged 55 years or older. The Monterey Pointe site is situated immediately south of the prestigious Hunters Creek neighborhood in southern Orlando. Monterey Pointe will be located directly across John Young Parkway from The Loop shopping center. The Loop and adjacent Loop West is a 840,000 sq. ft. regional shopping center featuring over 70 retail outlets anchored by Beall’s, JC Penney, Kohl’s and TJ Maxx stores, big box stores Sports Authority and Bed Bath and Beyond, 15 restaurants including Bonefish Grill and Macaroni Grill, and a 16 theater Regal Cinema. Immediately east of Monterey Pointe is the new Crosslands shopping center, which was recently completed and opened in late 2014. This center exceeds 420,000 sq. ft., features large retailers such as Haverty’s Furniture, Marshalls, Wal-Mart Neighborhood and PetSmart, as well as additional restaurants. Osceola Parkway is an established major retail corridor. Also nearby are a number of medical offices, as well as the global corporate headquarters for Tupperware Brands Corporation.
Monterey Pointe will consist of a single four story elevator building with ample community facilities that will feature Florida Craftsman architecture and be built on a 5.1 acre site. There will be a total of 150 residential units, consisting of 60 1BR/1B garden units and 90 2BR/2B garden units. Unit sizes will range from 740 square feet for a 1BR unit to over 1,020 square feet for certain types of 2 BR units. All units will feature 9 ft. ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features designed to lower monthly resident utility bills. There will also be a common area with a community room for property functions, concierge service, management office, fitness center, business center, resident dining area, garden courtyard and a spacious and attractive community swimming pool and deck area. There will be wifi service throughout the common and pool areas. Architectural and engineering services are being provided by Forum Architecture of Altamonte Springs and Harris Civil Engineers of Orlando.
Monterey Pointe has received all major development entitlements, and final site plan approval was received in March 2015. Building permits will be issued in June 2015. Construction is expected to be complete by July 2016, with the completion of leaseup projected for the summer of 2017. Total development costs are projected to be $20.1 million, with an anticipated construction loan amount of $14.5 million. The general contractor, Summit Contracting Group, Inc., will provide a guaranteed stipulated sum contract. Property management will be provided by the Southeast division of Lincoln Property Management Group, Inc., based in Duluth, Georgia, which has provided property management services to the principal of Eastwind on over 30 multifamily properties over the past dozen years.
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